Buying at Silverton on the Lake: the complete guide

Buying a waterfront townhouse in a 30-year-old strata is not complicated, but it has more moving parts than buying a house in town. The strata's finances, the dock tenure, the insurance deductibles and three different taxes all affect what you pay and what you get. This guide walks through them in order.

1. Get ready before a unit lists

With about 18 homes, Silverton sees few listings: two in 2026, and the most recent sale in public records dates from July 2021. When a good one comes up, the buyers who are ready win.

• Get pre-approved, not just pre-qualified, for the price range you want. The two Silverton homes publicly listed in 2026 asked $799,000 and $849,000.
• Know your down payment rules. In Canada the minimum is 5% of the first $500,000 and 10% of the rest for homes under $1.5 million, so about $55,000 on an $800,000 purchase. Under 20% down means mortgage default insurance, and BC charges 7% PST on that premium, payable in cash at closing.
• Get on an alert list. Sean's Silverton alerts send new listings the day they hit the MLS®.

2. Look at the unit with a Silverton checklist

• Which slip comes with the unit, how long it is, and whether it has power and water on your finger.
• Direct-entry with a yard, or a walk-up.
• Age of the heating system (heat pump or original), water heater, windows and skylights.
• Garage dimensions if you drive a full-size truck.
• Signs of past water damage under sinks, around the water heater and at ceiling joints.
• Where visitors park in summer.

3. Make your offer subject to the strata documents

Every strata purchase in BC should be subject to your review of the documents. For Silverton, request:

1. Form B information certificate (fees, levies, reserve fund, bylaw contraventions, parking and storage).
2. Bylaws and rules, with all amendments.
3. Minutes of council meetings and general meetings for the last two years.
4. Depreciation report and any engineering reports on roofs, envelope or docks.
5. Budget and financial statements.
6. Insurance certificate with all deductibles.
7. Strata plan showing the unit, its limited common property and the slip.

What you are looking for: planned or likely special levies, a reserve fund that is thin compared with the depreciation report's recommendations, disputes about the docks or beach, water-leak history, and any bylaw that affects how you want to use the home (pets, rentals, boats, renovations). More detail on strata fees, bylaws and insurance.

4. Ask about the dock tenure

Docks on Okanagan Lake sit on provincial Crown land that cannot be sold. Your lawyer or notary, or FrontCounter BC (1-877-855-3222), can confirm who holds the tenure for the Silverton docks, what type it is, when it expires and what it costs each year. Ask the listing agent for the documents early. To be confirmed Full explanation of dock tenure.

5. Budget for property transfer tax

BC charges property transfer tax (PTT) when you register the purchase:

On an $800,000 Silverton townhouse that works out to $14,000; on $850,000, $15,000.

The first-time buyer exemption, and why $835,000 matters here

Since 1 April 2024, BC's first-time home buyers' exemption removes PTT on the first $500,000 of the price, worth up to $8,000, when the fair market value is $835,000 or less. Between $835,000 and $860,000 the exemption shrinks on a sliding scale, and at $860,000 it disappears.

Silverton sits right on that line. In 2026 one unit was publicly listed at $799,000 (inside the full exemption) and another at $849,000 (in the phase-out, where the exemption would be worth only about $3,500). For a first-time buyer, negotiating a price under $835,000 can be worth thousands more than the price reduction alone.

To qualify you must be a Canadian citizen or permanent resident, have lived in BC for 12 months before the purchase (or filed two BC tax returns in the last six years), never have owned a principal residence anywhere, and move in within 92 days and live there until the first anniversary. Read the official rules.

The newly built home exemption and the federal first-time buyer GST rebate apply only to new homes, so they do not apply to Silverton resales. Resale homes are GST-exempt.

Want the exact numbers? The cost-of-ownership calculator works out PTT and the exemption for any price.

6. Understand the speculation and vacancy tax

Vernon became part of BC's speculation and vacancy tax (SVT) area on 1 January 2025. Every owner of residential property in the area must file a declaration by 31 March each year, even if they owe nothing.

• Exempt: your principal residence, or a unit rented long-term to qualifying tenants for enough of the year.
• Taxed at 1% of assessed value: Canadian citizens and permanent residents who leave the unit vacant or use it only part-time (and who are not part of a satellite family).
• Taxed at 3%: foreign owners and satellite families.

This matters most for out-of-province buyers who want a summer home. On a unit assessed at $800,000, 1% is $8,000 a year. Some buyers rent the unit long-term for part of the year to qualify; others make it their principal residence. Talk to an accountant before you buy. BC Government SVT information.

7. Know the home flipping tax

From 1 January 2025, BC taxes profits on residential property sold within two years of purchase: 20% of the net taxable income if sold within 365 days, declining to zero at 730 days. There are exemptions for life events such as death, divorce, job relocation and disability, and a principal-residence deduction of up to $20,000. Official details.

8. Foreign buyers

BC's additional property transfer tax for foreign buyers applies in specified regions. Vernon (North Okanagan) does not appear to be in one of them, but the rules change; confirm on the BC Government PTT pages. To be confirmed Separately, the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act restricts most non-Canadians from buying residential property; get legal advice first.

9. Insure for the deductible

BC strata water-damage deductibles had a median of $25,000 on 2025 renewals, and a quarter of buildings were at $50,000 or more. When damage starts in your unit, you can be charged the deductible. Buy a unit-owner policy with deductible (loss assessment) coverage that matches Silverton's certificate. More on deductibles.

10. If you plan to rent it out

Long-term rentals are allowed in every BC strata since November 2022. Short-term rentals in Vernon require the unit to be your principal residence, a City licence and provincial registration, and the strata can prohibit them regardless. Plan on long-term tenants if this is an investment. Rental rules in full.

11. Closing costs checklist

• Property transfer tax (less any exemption)
• Legal or notary fees and disbursements
• Home inspection
• PST on mortgage default insurance, if under 20% down
• Title insurance (often through your lawyer)
• Property tax and strata fee adjustments to the completion date
• Strata move-in fee, if the bylaws have one To be confirmed
• Moving costs and utility hook-ups

Sean represents buyers at Silverton and elsewhere in Okanagan Landing. He is independent of the strata and of any listing, and he lives in the neighbourhood. Talk to him before you make an offer.